20 Amendments of Enikő GYŐRI related to 2023/0077(COD)
Amendment 24 #
Proposal for a regulation
Recital 19
Recital 19
(19) Consumers and suppliers need effective and efficient forward markets to cover their long-term price exposure and decrease the dependence on short-term prices. To ensure that energy customers all over the EU can fully benefit from the advantages of integrated electricity markets and competition across the Union, the functioning of the Union’s electricity forward market should be improved via the establishment of regional virtual hubs with a viewassessment and implementation of possible feasible measures in a reasonable period within the current market set-up, with the aim to overcome the existing market fragmentation and the low liquidity experienced in many bidding zones. Regional virtual hubs should cover multiple bidding zones while ensuring an adequate price correlation. Some bidding zones may not be covered by a virtual hub in terms of contributing to the hub reference price. However, market participants from these bidding zones should still be able to hedge through aThese improvements could for instance be more frequent auctions or other maturities to be considered and would require a proper assessment. The assessment shall also be extended to regional virtual hubs.
Amendment 26 #
Proposal for a regulation
Recital 21
Recital 21
(21) To enhance the possibilities of market participants for hedging, the role of the single allocation platform established in accordance with Commission Regulation (EU) 2016/1719 should be expanded. Financial transmission rights should be issued by TSOs and allocated through the single allocation platform. The single allocation platform should offer trading of financial long-term transmission rights between the different bidding zones and the regional virtual hubs if established based on the conclusions of a detailed impact assessment. The orders submitted by market participants for financial transmission rights shall be matched by a simultaneous allocation of long term cross zonal capacity. Such matching and allocation should be performed on a regular basis, to ensure enough liquidity and, hence, efficient hedging possibilities to market participants. The long-term transmission rights should be issued on behalf of the transmission system operators with frequent maturities (ranging from month ahead to at least threone years ahead), in order to be aligned with the typical hedging time horizon of market participants. The single allocation platform should be subject to monitoring and enforcement to ensure that it performs its tasks properly.
Amendment 32 #
Proposal for a regulation
Recital 53
Recital 53
(53) Public interventions in price setting for the supply of electricity constitute, in principle, a market-distortive measure. Such interventions may therefore only be carried out as public service obligations and are subject to specific conditions. Under this Directive regulated prices are possible for energy poor and vulnerable households, including below costs, and, as a transition measure, for households and micro-enterprises. In times of crisis, when wholesale and retail electricity prices increase significantly, and this is having a negative impact on the wider economy, Member States should be allowed to extend, temporarily, the application of regulated prices also to SMEs. For both households and SMEs, Member States should be temporarily allowed to set regulated prices below costs as long as this does not create distortion between suppliers and suppliers are compensated for the costs of supplying below cost. However, it needs to be ensured that such price regulation is targeted and does not create incentives to increase consumption. Hence, such price regulation should be limited to 80% of median household consumption for households, and 70% of the previous year’s consumption for SMEs. The Commission should determine when such an electricity price crisis exists and consequently when this possibility becomes applicable. The Commission should also specify the validity of that determination, during which the temporary extension of regulated prices applies, which may be for up to one year. To the extent that any of the measures envisaged by the present Regulationo the extent that any such measures constitute State aid, the provisions concerning such measures are without prejudice to the application of Articles 107 and 108 TFEU.
Amendment 44 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9 – paragraph 1
Article 9 – paragraph 1
Amendment 46 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Within six months of receipt of the proposal on the establishment of the regional virtual hubs for the forward market, ACER shall evaluate it and eiThe results of the assessments by all TSOs following the first and second subparagraph of Article 9(1) shall be reflected by ACER and the Commission in any amendment, proposal for amendments, or non-binding framework guideline related to Commission Regulation (EU) 2016/1719 establishing a guideline on forward capacity allocation, in accordance with the procedures defined in Articles 59(1)(b), 60 and 61. After receiving ther approve or amend it. In the latter case, ACER shall consult the ENTSO for Electricityssessment for the establishment of regional virtual hubs for the forward market, ACER shall consult ESMA before adoptproposing theany amendments. The adopted proposal shall be published on ACER's websit or non-binding framework guideline.
Amendment 48 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9 – paragraph 3
Article 9 – paragraph 3
3. The entity operating the single allocation platform established in accordance with Regulation (EU) 2016/1719 shall have a legal form as referred to in Annex II to Directive (EU) 2017/1132 of the European Parliament and of the Council.
Amendment 49 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9 – paragraph 4
Article 9 – paragraph 4
4. TOn behalf of the transmission system operators the single allocation platform shall:
Amendment 50 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9 – paragraph 4 – point a
Article 9 – paragraph 4 – point a
Amendment 51 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9 – paragraph 4 – point c
Article 9 – paragraph 4 – point c
(c) offer trading of financial transmission rights that shall allow holders of these financial transmission rights to remove exposure to positive and negative price spreads, and with frequent maturities of up to at least threone years ahead.
Amendment 52 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9 – paragraph 5
Article 9 – paragraph 5
5. Where a regulatory authority considers that there are insufficient hedging opportunities available for market participants, and after consultation of relevant financial market competent authorities in case the forward markets concern financial instruments as defined under Article 4(1)(15), it may require power exchanges or transmission system operators to implement additional measures, such as market-making activities, to improve the liquidity of the forward market. Subject to compliance with Union competition law and with Directive (EU) 2014/65 and Regulations (EU) 648/2012 and 600/2014, market operators shall be free to develop forward hedging products, including long-term forward hedging products, to provide market participants, including owners of power-generating facilities using renewable energy sources, with appropriate possibilities for hedging financial risks against price fluctuations. Member States shall not require that such hedging activity may be limited to trades within a Member State or bidding zone.
Amendment 62 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/943
Article 19a – paragraph 3
Article 19a – paragraph 3
3. Guarantee schemes for PPAs backed by the Member States shall include provisions to avoid lowering the liquidity in electricity markets and shall not provide support to the purchase of generation from fossil fuels. Guarantee schemes for PPAs backed by the Members States shall not prevent the subjected generators to participate in balancing and ancillary services markets.
Amendment 72 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/943
Article 19b – paragraph 1a (new)
Article 19b – paragraph 1a (new)
1a. Two-way contracts for difference for new investments shall not incentivise the subjected generators to deviate their dispatch or price bidding from normal market behaviour in Day-Ahead, Intraday and Balancing timeframe in the absence of a support scheme. In particular, Member States shall not make the payments under the support scheme conditional on the actual injection of the generator.
Amendment 75 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Amendment 81 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/943
Article 19b – paragraph 3 – point a
Article 19b – paragraph 3 – point a
(a) be designed so that the revenues collected when the market price is above the strike price are distributed to all final electricity customers based on their share of consumption (same cost / refund per MWh consumed);
Amendment 91 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Directive (EU) 2019/944
Article 66a – paragraph 1 – introductory part
Article 66a – paragraph 1 – introductory part
1. The Commission may by decision declare a regional or Union-wide electricity price crisiA price crisis situation occurs, if the following conditions are met:
Amendment 93 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Directive (EU) 2019/944
Article 66a – paragraph 1 – point a
Article 66a – paragraph 1 – point a
(a) very high prices in wholesale electricity markets at least two and a half times the average price during the previous 5 years which is expected to continue for at least 6 months;
Amendment 96 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Directive (EU) 2019/944
Article 66a – paragraph 1 – point b
Article 66a – paragraph 1 – point b
(b) expected sharp increases in or very high electricity retail prices of at least 70% occur which are expected to continue for at least 6 months; and
Amendment 100 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Directive (EU) 2019/944
Article 66a – paragraph 2
Article 66a – paragraph 2
Amendment 101 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Directive (EU) 2019/944
Article 66a – paragraph 3
Article 66a – paragraph 3
Amendment 103 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Directive (EU) 2019/944
Article 66a – paragraph 4
Article 66a – paragraph 4
4. Where the Commission has adopted a decision pursuant to paragraph 1, Member States may for the duration of the validity of that decision, by way of derogation from Article 5(7), point (c), when applying targeted public interventions in price setting for the supply of electricity pursuant to Article 5(6) or paragraph 3 of this Article, exceptionally and temporarily set a price for the supply of electricity which is below cost provided thatIn a situation of a price crisis, temporary public interventions in price setting for the supply of electricity to small and medium sized enterprises may be conducted. Such public interventions shall fulfil the following conditions are fulfilled: